The "yield stablecoin" sector, once strongly supported by Arthur Hayes, is now facing the most severe capital outflow in history.

According to Stablewatch data, funds are being withdrawn on a large scale from the yield stablecoin field:

· $xUSD and $deUSD have completely depegged, with TVL dropping to zero

· $csUSDL plummeted by 83%, mainly due to Paxos announcing it will stop supporting $USDL on December 8

· $USDx also dropped by 83% and experienced depegging

Even among stablecoins that have not depegged, TVL has generally shrunk by 40% to 71%. This crisis mainly stems from the market crash on October 11 (when $USDe had depegged) and the hacker attack on Balancer, causing the DeFi community to worry that stablecoins like Ethena may depeg again.

Arthur Hayes was once extremely optimistic about this sector; I wonder what he thinks of this situation now.

(This article is for market information sharing only and does not constitute investment advice.)